Bankruptcy Law, Timothy Kingcade Posts

New Survey Reveals Economic Factors Behind Bankruptcy

CHICAGO, IL, ( — December 24, 2009 — As America closes out 2009 with roughly 1.45 million bankruptcy filings, a new survey reveals the possible economic factors behind the surge.

The statistics are based on a December 2009 survey of 1,000 people contacting Total Attorneys to connect with a bankruptcy lawyer.

The Economic Factors Survey
When asked which economic factor (job loss/wage reduction, the credit crunch, increased mortgage payments, gas prices or food prices) forced them to consider bankruptcy, 57% of respondents cited job loss/wage reduction.

“Widespread, long-term job loss means many people don’t have the income to cover basic living costs,” says Kevin Chern, bankruptcy attorney and president of Total Attorneys. “Bankruptcy may be a way for people to protect their homes and regain control over their finances.”

The Bankruptcy Relation Survey
In an indication of how much the bankruptcy idea has spread, 10% of people polled said they know three or more people who recently considered bankruptcy.

“Bankruptcy isn’t something that happens to someone else,” says Chern. “It’s not a sign of failure or irresponsibility. For many people it’s a way to protect their family.”

Posted by timothy kingcade